Press release from CNW Group
Marquee Energy Ltd. Announces Appointment of Vice President, Exploration and Increase in Credit Facility
Tuesday, October 09, 2012
CALGARY, Oct. 9, 2012 /CNW/ - Marquee Energy Ltd. ("Marquee" or the "Company") (TSXV: MQL) is pleased to announce that Mr. David Washenfelder has been appointed Vice President, Exploration. Mr. Washenfelder is a professional geologist with over 31 years of diverse industry experience. Most recently, Mr. Washenfelder was Manager, Exploitation at a domestic junior oil and gas company. Prior to this Mr. Washenfelder held positions of increasing responsibility with Saskoil, Wascana Energy, Samson Canada, Apache Canada and Spearpoint Energy.
Mr. Richard Thompson, Chief Executive Officer, stated "We are very pleased to have Mr. Washenfelder join Marquee. His extensive exploration and development experience across the Western Canadian Sedimentary Basin will continue to strengthen our management and technical team."
Reflecting its recent operational success, Marquee is also pleased to announce that its credit facility has been increased by $10 million to $80 million. The $80 million credit facility is comprised of a revolving operating demand loan of $60 million and an acquisition/development demand loan of $20 million.
Additional Information about Marquee Energy Ltd.
Marquee is a publicly traded Calgary-based growth oriented junior oil and gas company currently focused on high rate of return, oil and liquids rich gas production in Alberta. Additional information about Marquee may be found in its continuous disclosure documents filed with Canadian securities regulators at www.sedar.com.
Forward looking Statements or Information
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to information with respect to the anticipated benefits of the hiring of the new vice president. Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect. Although Marquee believes that the expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Marquee cannot give assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things: field production rates and decline rates; the ability of Marquee to secure adequate product transportation, and secure such transportation in a timely manner; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner to develop its business; the ability to operate its properties in a safe, efficient and effective manner; the ability to obtain financing on acceptable terms; the ability to replace and expand oil and natural gas reserves through acquisition, development of exploration; the timing and costs of pipeline, storage and facility construction and expansion; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters; and the ability to successfully market its oil and natural gas products. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
Forward-looking information is based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Marquee and described in the forward-looking information.
SOURCE: Marquee Energy Ltd.
For further information:
President & Chief Executive Officer
Vice President, Finance and Chief Financial Officer
or visit the Company's website at www.marquee-energy.com